Cyberattacks related to third parties are increasing

In this rapidly changing threat landscape, organizations, especially in India, are realizing the value of a sound cyber defence infrastructure. It is imperative for leaders and security teams to work towards implementing a strong cyber security posture. Cyber attackers are continuously evolving to find new and innovative ways to breach organizational defences. Failing to prioritize all aspects of cyber defence, including threat intelligence, will undoubtedly leave organizations vulnerable. 
 
 
As per Gartner, there is an increasing link to the ability to manage cyber risk; almost one-third of nations will regulate ransomware response within the next three years; and security platform consolidation will help organizations thrive in hostile environments.

“The world around us is in turmoil, whether from economic, social, or geopolitical forces,  executives are expecting either substantial or significant industry transformation over the next five years" said an expert. Now is the time for cybersecurity leaders to evaluate their current strategies and prepare to navigate the future with confidence.”

Going forward, 
1.     Through 2023, government regulations requiring organizations to provide consumer privacy rights will cover 5 billion citizens and more than 70% of global GDP.  
 
2.     By 2025, 80% of enterprises will adopt a strategy to unify web, cloud services and private application access from a single vendor’s SSE platform.
 
3.     60% of organizations will embrace zero trust as a starting point for security by 2025. More than half will fail to realize the benefits.
 
4.     By 2025, 60% of organizations will use cybersecurity risk as a primary determinant in conducting third-party transactions and business engagements.

Cyberattacks related to third parties are increasing. However, only 23% of security and risk leaders monitor third parties in real time for cybersecurity exposure, according to Gartner data. As a result of consumer concerns and interest from regulators, Gartner said organizations will start to mandate cybersecurity risk as a significant determinant when conducting business with third parties, ranging from simple monitoring of a critical technology supplier to complex due diligence for mergers and acquisitions.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA